Platinum Underwriters Holdings Ltd. said Jan. 14 that it added about $60 million to its loss estimate for Hurricane Ike, bringing the total to about $165 million, net of reinstatement premiums and tax benefit. The new estimate is based on additional information from clients, industry loss estimates, portfolio modeling and historical development patterns. The increased figure stems primarily from offshore marine, risk excess of loss and property catastrophe business. The company also expects to record net realized gains of about $33 million related to its investment portfolio for the quarter ended Dec. 31, 2008. Those reflect realized gains on sales of about $53 million and other-than-temporary impairments and realized losses of about $20 million. At Dec. 31, 2008, Platinum's unrealized investment loss on fixed maturity securities was about $204 million, up about $21 million from Sept. 30, 2008.

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